The steep fall in the value of our rupee vis-a-vi dollar is rather surprising. I remember that when I went to USA in 1951 under a training programme, one dollar was equal to Rs3.25. Since then it has fallen like a kite where it stands today at Rs105 per dollar. This shows a catastrophic decline in the value of our rupee which is a precursor of dearness prevalent in the country. In colonial days the rupee-pound ratio remained at Rs16 per pound.
The reason for steep decline in our rupee signals failure of our economy due to rampant corruption, siphoning of massive loans from IMF to abroad and lack of development of our hydro-electric dams inspite of tremendous potential of growth. We must ponder over our desperate situation as with constant slide downwards of our rupee our economy would keep following in a bottomless pit and people would suffer hardships at the hands of mounting spiral of prices, making life impossible for the people of our country. The so-called democracy and unfit dictators have resulted in ruing our economy.
DR MUHAMMAD YAQOOB BHATTI
Lahore
